NJ Department of Community Affairs

Announcements:

PRE-APPLICATION: The Department is accepting pre-applications for projects from NRTC-eligible non-profit organizations, for the second time in state fiscal year 2013. The pre-application must be completed and submitted by close of business on May 20, 2013. Following is the link to the NRTC pre-application:

Pre-application Form

*** NRTC QUALIFIED PROJECTS POOL FOR 2012-13

Description:	The Neighborhood Revitalization Tax Credit Program (NRTC) provides business entities a 100 percent tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. Nonprofit entities must use at least 60% of the tax credit funds for housing and economic development; the remaining funds may be used for supportive services and other activities that promote neighborhood revitalization.
Assistance Provided To:	Nonprofit 501(c) 3 organizations in municipalities eligible to receive aid under the "Special Municipal Aid Act" or "Abbott Districts"
Type of Assistance:	Financial - Grants
Funding Source:	Corporate Funds
Award Period:	Rolling
Procedure for Applying:	Submission of a Project Application, via SAGE. Restricted to eligible organizations with DCA-approved NRTC plans.
Application Deadline:	N/A
Date of Notification:	Varies
Contact:	Bradley Harrington - (609) 633-6273 Bradley.Harrington@dca.state.nj.us

***FREQUENTLY ASKED QUESTIONS about changes to the NRTC Program, for both neighborhood-based non-profits and business entities (December 2012) [MS Word 22kB]
***ADDITIONAL INFORMATION about the NRTC changes, for business entities that want to make an NRTC contribution [pdf 510kB]

**NOTICE: The Department is not currently accepting new plans for review, with limited exceptions (such as plans being created by organizations that were awarded NRTC Planning Grants as of 2011).

Program Overview:
The Neighborhood Revitalization Tax Credit Program (NRTC) is designed to foster the revitalization of New Jersey's distressed neighborhoods. NRTC offers business entities a 100 percent tax credit against various New Jersey state taxes. Credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods. A total of $10 million per year is available in tax credits.

NRTC funds are used by neighborhood-based non-profit organizations that have prepared, submitted and received approval from the Department for a revitalization plan for the neighborhood it serves. The funds must be used by the eligible organizations for projects and activities that will implement the goals and strategies of the approved neighborhood plan. The maximum amount per application is $1 million. NRTC rules and policies govern the number of applications and grants that an eligible organization may submit and receive.

Information about NRTC projects in need of funding can be found in the "Clearinghouse" document (which is updated regularly by NRTC staff) and in the "Project Profiles" section (these are submitted periodically by eligible organizations).

Clearinghouse of NRTC Plans, Projects and Business Entities: